Robert I. Toll

Robert Irwin Toll[2] co-founded the American luxury homebuilder company Toll Brothers.

Robert I. Toll
Born (1940-12-30) 30 December 1940
NationalityUnited States
EducationB.A. Cornell University
L.L.B. University of Pennsylvania Law School
OccupationBusinessman
Known forco-founder of Toll Brothers
Net worthUS$1.0 billion (March, 2018)[1]
Spouse(s)Jane Toll
ChildrenJacob Toll, Rachel Grassi, Debbie Gruelle, Laurie Franz, Josh Goldfein
Parent(s)Albert Toll
Sylvia Steinberg Toll
FamilyBruce E. Toll (brother)

Biography

Born to a Jewish family, the son of Sylvia (née Steinberg)[3][4] and Albert Toll, he grew up in Elkins Park, Pennsylvania.[2] His father, who emigrated from Ukraine,[5] was a millionaire investor who lost everything in the Stock market crash of 1929.[6] His first job was at Camp Powhatan in Otisfield, Maine where he was a counselor; it is now known as Seeds of Peace and is dedicated to bringing together Arab, Israeli, Indian, and Pakistani teenagers to promote peaceful conflict resolution.[2] In 1963, he graduated with a B.A. from Cornell University; and in 1966, he earned a LLB degree, cum laude, from the University of Pennsylvania Law School.[7] In 1967, Toll and his brother Bruce E. Toll founded Toll Brothers with a focus on building luxury homes ($500,000+)[6] starting with a plot of land in Chester County, Pennsylvania given to them by their father.[8] They grew the business using a conservative financial model always including a 10 percent cushion into all their projects and never assuming price appreciation during construction.[8] Bruce was responsible for the book-keeping and Robert the legal side of the business.[6] In the late 1980s, they expanded out of the Northeast to Washington, D.C. and in the mid-1990s, to California.[6] The Tolls are credited with mass-producing luxury housing by taking a few standard home styles and increasing the scale several fold.[8] Toll Brothers later expanded into building “active-adult” communities for the elderly affluent and urban high-rises for the newly affluent (Toll Brothers City Living).[8]

In 2010, Toll stepped down as CEO of Toll Brothers although he still remains active in its management.[9] In November 2013, Toll Brothers purchased Shapell Homes (founded by Nathan Shapell) for $1.6 billion.[10]

Philanthropy and accolades

In 1990, the Tolls sponsored 58 third graders in a program called Say Yes to Education guaranteeing a college education to each of them.[7] He served on the Board of Directors of the Cornell Real Estate Council, the Metropolitan Opera, Seeds of Peace, and Beth Shalom Synagogue in Elkins Park, Pennsylvania.[7] He has been a long-time fundraiser for the American Red Cross and the American Cancer Society.[11]

Toll was a member of the Democratic National Finance Committee during the Obama campaign.[7][12] Toll also served on the Board of Overseers at the University of Pennsylvania Law School and as a trustee of the University of Pennsylvania where he established the Albert & Sylvia Toll Scholarship Foundation, named after his parents.[7] In 2005, Toll was named CEO of the Year by Professional Builder Magazine. In 2007, 2008, and 2009, he was named the "Best CEO in the Homebuilders & Building Products industry" by Institutional Investor magazine.

Personal life

Toll has been married twice.[2] In 1975, he married his second wife Jane.[13] They live in Miami Beach, Florida.[7] She has one son from her first marriage; Toll has two daughters from his first marriage; and they have a son and daughter together.[6] As of March 2018, he is worth an estimated $1 billion.[14]

References
  1. "Robert Toll". Forbes.com. Retrieved 8 July 2018.
  2. the Real Deal: "Bob Toll" by Lauren Elkies retrieved November 7, 2013
  3. New York Times: "Paid Notice: Deaths TOLL, SYLVIA (NEE STEINBERG)" October 14, 2001
  4. Philly Magazine: "House of Girth" May 15, 2016
  5. Philadelphia Inquirer: "As a New Era Comes Together Bruce E. Toll: "Anybody can call me," the new chairman invites" By Bob Fernandez June 25, 2006
  6. USA Today: "CEO Profile: Defensive mind-set keeps Toll Bros. going" by Noelle Knox January 28, 2008
  7. Toll Brothers website: Executive Biographies retrieved November 7, 2013
  8. Upstart Business Journal: "Master Overbuilder" by Andrew Rice September 18, 2008
  9. New York Times: "Chief to Step Down at Toll Brothers" May 17, 2010
  10. Fox Business: "Toll Brothers to Buy Shapell Homes for $1.6B, 4Q Revenue Soars" By Matthew Rocco November 07, 2013
  11. BusinessWeek Executive Biography: "Robert I. Toll" retrieved November 7, 2013
  12. Seeds of Peace website: "Robert Toll" retrieved November 7, 2013
  13. New York Observer: "McMansion Master Robert Toll Loses $2.2 M. Penthouse to Son Jacob" By Max Abelson February 12, 2008
  14. Peterson-Withorn, Chase (March 6, 2018). "Meet The World's 259 Newest Billionaires". Forbes. Retrieved March 6, 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.